The rise of open innovation has been a long-standing trend in business. In the early 1990s, companies were starting to realize that they could improve their competitive edge by sharing their ideas and innovations with others. This led to the development of the concept of “open source” software, which allows for free exchange of information among developers. Open innovation is a term first coined by professor Henry Chesbrough in his 2003 book “Open Innovation: The New Imperative for Creating and Profiting from Technology”. It describes the process of organizations leveraging external ideas and resources to drive innovation and growth. This can be done through things like open R&D, corporate venturing, collaborative research, etc.
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